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TiVo to Get New CEO in 2016

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An exterior view of TiVo headquarters is shown in Alviso, California.Photograph by Paul Sakuma — AP

Digital video recorder maker TiVo is getting a new CEO.

Tom Rogers will step down on Jan. 31 after eleven years on the job, the company said Tuesday. In February, he will become the company’s non-executive chairman.

TiVo’s board is looking for a replacement.

“TiVo is a great company today – and I have thoroughly enjoyed the challenge of turning it around and building it from its DVR roots into the leader in providing next-generation TV in the United States and around the world,” said Rogers in a statement.

As Fortune reported in October, TiVo (TIVO) has lost hundreds of thousands of subscribers to its video recorder and related services in recent years. During the past year, the company’s share price has declined 29% to $9.02.

“We’re equally frustrated by the stock price, [which] does not reflect the growth we are driving today and expect to see in the future,” chief financial officer Naveen Chopra told Fortune in October.

In product news, TiVo unveiled its new Bolt device in early October that lets users to skip commercials during TV shows.

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